GBP/USD – 30M – SELLThe currency pair British Pound/US Dollar (GBP/USD) moves from the bearish trendline down.
A continuation of the downtrend down to the next support at 1.27357 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.27988 could occur.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.28732 |
| 2nd High | 1.28109 |
| Next High | 1.27988 |
| Current Price | 1.27400 |
| Next Low | 1.27357 |
| 2nd Low | 1.27165 |
| 3rd Low | 1.26296 |
Trading Signals: FOREX – GBP – GBP/USD – USD – Bearish Engulfing